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@DFP
im a bit of a procrastinator,
I really love bikes of all sorts, butI set myself silly low budgets and end up with an array of non-functional bikes, and bodged ones which it takes me slow months to gather bits for.
Hippy's advice is indeed top notch, although I hope hes isnt really a crusty hippie....
The drvetrain on a fixie is where its at. So few parts compared to a geared bike, much less hassle, and MUCH LESS COST.
Take the opportunity to buy yourself a shiny new wheel, you wont reget it - it be the core of your riding experience.
Price of old 10 speed bike: £40 Price of nice of fixed wheel £100
Total: £140
Still cheaper than one of these: